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- W2062133121 abstract "Abstract In this paper a proof is given that the dollar-cost-averaging investment strategy yields no advantage over any other non-clairvoyant strategy by showing that the difference between any two strategies is a mean-zero martingale. An interesting corollary of this theorem is that if Xt is a continuous positive martingale then the process Yt = Xt ∫0t Xs d s − t is also a martingale." @default.
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- W2062133121 date "1990-05-01" @default.
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- W2062133121 title "A martingale system theorem for stock investments" @default.
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- W2062133121 doi "https://doi.org/10.1016/0167-6377(90)90013-u" @default.
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